ARB Token Drops 7.23% After Robinhood Partnership Confirmation Spurs Sell-the-News Reaction

Arbitrum (ARBUSDT) experienced a 7.23% price decline over the past 24 hours, with the current price at $0.3273 on Binance. This drop is primarily attributed to a "sell-the-news" reaction following the official announcement of Robinhood's partnership with Arbitrum to offer tokenized U.S. stocks and ETFs for European users on the Arbitrum network. The initial price surge was driven by speculation and rumors about the collaboration, but once confirmed, investors took profits, leading to a sharp decrease in price. Technical indicators have shown bearish signals, and trading volume has decreased significantly, reflecting reduced market activity. Despite the short-term volatility, Arbitrum maintains a stable market capitalization around $1.6 billion and a circulating supply of approximately 4.96 billion ARB.